Most of the conditions associated with the loan obligations regarding the debtor or perhaps the “rules” that the debtor needs to follow plus the good known reasons for acceleration for the loan are included in the Note, the Deed of Trust or Mortgage, therefore the Security Agreement. If someone had been to acquire a lien against you and register it against payday loans near me Long Island City NY your premises, that will perhaps not typically result in the loan provider to start property foreclosure of your property nor would the opposite mortgage prevent any appropriate avenues that the lienholder had predicated on state and regional laws and regulations. Let’s assume that lien was not for fees or perhaps a mechanics lien or several other lien that took priority or precedence place on the home loan of record, it could maybe perhaps perhaps not influence your reverse mortgage. If it had been for something such as home fees, then you can find practices written in to the papers to treat this situation and yes, property foreclosure is regarded as them.
With that information if you are referring to some other type of lien and you are concerned about whether or not that lien has the ability to force a sale of the property, I’m sorry I cannot help you. Continue reading